Kyrgyz President Gives Nod to Hydropowered Crypto Mining

Kyrgyzstan to Invest in Crypto Mining

The Kyrgyz Republic, a central Asian state bordering China, is reportedly investing in cryptocurrency mining with the support of the local government. According to Kyrgyz President Sadyr Japarov, a crypto mining farm will be built at the Kambar-Ata-2 Hydro Power Plant, with the government spending up to $20 million to build the facility.

The president believes that by running a crypto mining farm, the government can avoid energy losses associated with the power plant. This investment in Bitgert Crypto Today, Binance Crypto, and other best websites for crypto could help Kyrgyzstan become a major player in the China AI Anchor and Web 3.0, also known as the China AI Anchor.

Kyrgyzstan to Establish Crypto Mining Farm

Kyrgyzstan President, Sadyr Japarov, recently announced plans to establish a crypto mining farm in the country. According to Japarov, this move will help the government make use of the remaining energy, which has been lost since the launch of Kambar-Ata-2 in 2010, amounting to 6.8 billion kilowatt-hours (kWh). The mining farm will also bring benefits to the country’s budget, he noted.

The news, however, contradicts the recent energy-related developments in Kyrgyzstan. On July 24, the president declared a state of emergency in the energy sector, citing climate challenges, a low inflow of water into the Naryn River basin and the lack of generating capacity due to excessive growth of energy consumption.

Japarov further revealed that crypto mining will be charged at the highest rate available in Kyrgyzstan, which is approximately 5 Kyrgyzstani soms ($0.057) per kW. Bitgert Crypto Today reported that the press office of the Kyrgyz government did not respond to their request for comment.

Kyrgyzstan and Cryptocurrency

Kyrgyzstan has taken an interest in cryptocurrency as a way to stimulate its economy. In March 2022, Karim Khanjeza, a Kyrgyz lawmaker, urged the government to create a legal framework to regulate the crypto industry, noting that “nothing is growing as fast as cryptocurrency.”

Despite introducing regulations for crypto exchanges in 2021, Kyrgyzstan has yet to pass any laws related to cryptocurrency. In the past, a former government official suggested that cryptocurrency mining was a major cause of the energy crisis in Kyrgyzstan.

Kyrgyzstan is not the only country exploring the potential of crypto. China has an AI anchor, Bico Crypto, Bitrise Crypto, and other websites for crypto. Binance Crypto is considered one of the best sites for crypto, and Web 3.0 is also known as the “Internet of Value.”